![]() ![]() The rough total tax bill on the $2.2 million top bid would be about $792,000 in this example. The One Ring card would "almost definitely be deemed a collectible," said Joe Hughes, federal policy analyst at the Institute on Taxation and Economic Policy.įor example, a seller in Michigan would pay a top long-term capital gains rate of about 36% on a collectible item, Hughes said. (In both cases, there's also a 3.8% net investment income tax for high earners, in addition to any state and local taxes on capital gains.) Stocks are taxed at a top long-term federal capital gains tax rate of 20% but collectibles have a top rate of 28%. Here, there's a distinction between collectibles and assets like stocks, however. More from Personal Finance: How to avoid this tax on high earners Here's what a new Supreme Court case could mean for federal wealth tax proposals The IRS plans to tax some NFTs as collectibles - and the rich would pay up to 28% on profits How Canada taxes capital gains "To me, it's almost the equivalent of a lottery ticket," said Scott Plaskett, a Toronto-based certified financial planner and managing partner and CEO at Ironshield Financial Planning. (By comparison, the odds of winning the Powerball jackpot are about 1 in 292 million.) The odds of finding the card were roughly 1 in 3 million. The finder - who remains anonymous - reportedly lives in Toronto, the biggest city in Canada and the capital of the province of Ontario. Wizards of the Coast, which is owned by Hasbro, confirmed the card had been found as of June 30. (Its bid also included travel and lodging expenses and a free paella dinner.)Īnother interested party - Dave & Adam's, a collectibles shop near Buffalo, New York - offered $1 million. One would-be buyer - Gremio de Dragones, a game store based in Valencia, Spain - offered 2 million euros, about $2.2 million or 2.9 million Canadian dollars. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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